Binary Options Trading Australia
When it comes to binary options Australia is booming but there are often many questions to be answered. These include whether or not trading is legal or whether a broker is safe. It isn’t as complicated as you might think, in fact once you are familiar with how to trade some people find it an easy way to make significant amounts of money on a regular basis.
Binary trading is seriously popular across the world from Canada and the USA right down under to Australia. In different countries around the globe different rules and regulations apply to online investing and different sanctions are imposed on both traders and brokers all aimed at making your experience safer and more secure.
We use our experience and knowledge to bring you the best brokers and to ensure that you only choose from the most trusted available. We have travelled the world over to test, review and rate any broker worth our time and our compiled lists and reviews have plenty of choice for the Aussie trader.
If you want to options trade as a resident of Australia, this expert guide will help you:
- Become familiar with any rules and regulations that apply to Australia
- Understand any taxes and fees that apply to trading as a AU resident
- Be able to choose your broker with confidence from our recommendations
Our Top Recommended Brokers Updated: October 2017
Local Broker Benefits
Wherever you are in the world there seems to be one question on most people’s lips “Is binary trading legal?” The short answer is that there is nothing illegal about binary options Australia is a legal place to trade from.
It may be more heavily regulated by some countries than it is in others and there may be sanctions and restrictions in place but these tend to be more on the broker than the trader. It is perfectly legal to trade binary options with both local Australian brokers and those external to Australia.
The issue with finding a good Australian broker is that many of the best ones tend to be located and licensed in places like Cyprus with many based in Europe. There don’t tend to be as many brokers in countries like the US and Australia. There are a few native to Australia but often you can’t get as many benefits and incentives as offered by the larger global brokers.
Some Australians do prefer to use the local websites as they feel it offers a greater sense of protection. Unfortunately this isn’t always the case especially if the industry isn’t regulated.
Legal And Regulation
With Australia being home to a large proportion of options traders it is every broker’s goal to get a share of this expanding market place. With so many people investing in binary options it is important that the industry is regulated and that investors are protected. This is fulfilled by ASIC. ASIC stands for Australian Securities and Investments Commission and is the regulator for the financial markets which includes online sites.
ASIC’s job is to ensure that companies are regulated and that the financial interests of investors are protected. It is absolutely fine for Australian traders to trade with brokers that are licensed by European CySec (Cyprus Securities and Exchange Commission) and many brokers seek this licensing to allow them to trade in countries where this is recognised.
With so many companies trying to break into countries like AUS and take their share of investors it can be a mine field trying to choose the best Australia binary options broker to trade with. As well as ensuring that they follow regulation law there are also other things to consider. What benefits do they offer? What is the software platform like and what are the payouts.
It is tempting for some to be lured by the offers of those that seem too good to be true. In fact if they seem too good to be true then they could well be. Always ensure that you invest your money with a regulated binary options broker and not someone that is likely to disappear with your money.
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Paying Taxes And Fees
On the tax side of binary trading Australia brokers aren’t required to keep records for tax purposes. As Australia tax differs from region to region it is important for each individual trader to ensure they keep their own trading records should they need to pay taxes on their profits.
As with most countries Australians are expected to pay tax on investment profits if their income is over a certain point. We advise you to check what the implications are for you and what tax you will be liable for. There are 3 types of Australian tax that a trader should be aware of, these are capital gains tax, income tax and any possible tax on gaming specifically.
Whilst it is not up to the broker to provide you with your records for it should be possible to see a list of transactions including profits and losses within your account on their website. Before you start trading ensure that you are able to access this information so that you can file adequate returns.
Aside from being aware of any tax implications it is also important to know if there are any other fees you will incur. Whilst trading with a broker shouldn’t incur any fees or commissions, it is worth considering any currency exchanges and the rate your money will be exchanged at.
It is also important to know whether deposits and withdrawals of money from your chosen method carries any fees. If it costs you a certain amount each time you carry out a transaction to or from a web wallet or credit card for example you may want to restrict the amount of transactions you make.
How we Recommend Brokers
Our mission is to furnish you with enough of the relevant information for you to make an informed decision about the broker that you will trade with. There are so many brokers fighting for their space in the market place from India to Indonesia offering all sorts to entice individuals to open an account with them that some may be offering things that stand out for all the wrong reasons. We spend time researching all of the sites and bringing to you only the best with our extensive reviews and research.
It is important to ensure that all of our recommended companies are regulated, authentic and aren’t going to leave you with a bad taste. The best binary options in Australia should be fun and rewarding not the stuff of nightmares.
Our thorough reviews result in us being able to recommend the finest that the market has to offer and some of the best trading platforms and incentives. We score all brokers on a star system awarding them points for how well they score in each area. These areas include payouts, bonuses, ease of use, their trading platform and more.
During our review process we examine the accounts brokers have to offer from the basic right up to the VIP premium accounts and how easy it is to trade on their platform. All of this information allows you to decide on the broker for you from a comprehensive list of features and benefits. So don’t spend time analysing accounts only to find yourself more confused. Let us help you choose the perfect choice for you.
Expert Broker Reviews
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Is binary trading in Australia legal and safe?
The short answer is yes, trading is legal and as long as it is done through a trusted broker it is safe. Although you will find binary options brokers that are based in Australia you may struggle to find one that can compete with those that are licensed and operated from Europe, in particular Cyprus. Because of the stiff competition from European based companies there aren’t as many that are native to Australia.
Do I need to pay taxes on my trading profits?
Whilst binary options brokers don’t have to keep records and declare your earnings as a trader to the government it is up to you to declare any income from trading when it comes to submitting your self-assessment tax returns. As tax laws and regulation differ from region to region across Australia it will be necessary to check what regulations apply to you and make sure that you pay any taxes owed by the appropriate deadline.
Can I test brokers before trading with real money?
Yes, many sites offer 2 types of solutions to enable people to try before they start using real money. The first option is a demo account which gives you the opportunity to play for a certain amount of time for free although the winnings aren’t real money either. Another solution is to open an account and get a bonus which you can play with before starting to play with your own money.
Is it easy to make deposits and withdrawals?
Many websites accept several forms of payment to make deposits into your binary options trading account. These include the major types of credit card like Visa and Mastercard. Other forms of payment are e-wallets or web wallets as they are also called. This include sites like Skrill. Usually when you deposit funds you are required to deposit a minimum amount. Withdrawals can take up to 3 days and are made to the same method as used to deposit funds.
Can I trade using my mobile or tablet device?
The answer to this depends on the quality of the broker. To stay up to date with technology most binary options brokers have developed their offering to include a good mobile website along with an app for mobile or tablet available for Android and iOS. Any good, reputable broker should have a good, intuitive easy to use mobile platform that enables you to trade from either your laptop or PC or to trade whilst on the go.